绿色金融政策对上市公司企业绩效影响研究

A Study on the Impact of Green Finance Policies on the Performance of Listed Companies

以沪深A股上市公司2017—2022年的面板数据为样本,以《银行业金融机构绿色金融评价方案》颁布作为政策冲击,运用DID方法检验绿色金融政策对企业绩效的影响。研究发现,政策显著促进了污染企业绩效,非国有和高财务柔性污染企业受到的正向促进作用更大;融资约束在绿色金融政策与企业绩效之间发挥了间接的中介效应。进一步研究表明,大规模、高财务柔性和国有企业通过绿色金融政策缓解融资约束的能力更强;非国有、小规模和高财务柔性的企业通过融资约束降低提升企业绩效的能力更强;低财务柔性企业中融资约束在绿色金融政策与企业绩效之间的中介效应不显著。

Using panel data from A-share listed companies in Shanghai and Shenzhen from 2017 to 2022 as samples,and the issuance of the Green Finance Evaluation Plan for Banking and Financial Institutions as policy shocks,the DID method is used to test the impact of green finance policies on corporate performance.Research has found that policies significantly promote the performance of polluting enterprises,with non-state-owned and high financial flexibility polluting enterprises receiving a greater positive promotion effect;financing constraints play an indirect mediating effect between green finance policies and corporate performance.Further research indicates that large-scale,high financial flexibility,and state-owned enterprises have a stronger ability to alleviate financing constraints through green finance policies;non state-owned,small-scale,and highly financially flexible enterprises have a stronger ability to improve their performance by reducing financing constraints;the mediating effect of financing constraints on the relationship between green finance policies and firm performance is not significant in low financial flexibility enterprises.